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Joe Weisenthal Profile picture
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12 May, 8 tweets, 4 min read
BOOM:

CPI comes in significantly higher than expected.

Core CPI up 3.0% from last year. That's vs expectations of 2.3%

On a month over month basis, we got a 0.9% core reading vs. 0.3% expected. That's the big one right there.

Futures falling
bloomberg.com/news/articles/…
Five year yields jumping a little bit here
Useful chart here showing the annualized pace of change in inflation right now
Full story from @readep

Inflation rises at the fastest pace since 2009 bloomberg.com/news/articles/…
@readep Incredible surge in used car prices
@readep Gold and Bitcoin both fall after the inflation print
@readep NASDAQ 100 futures down almost 1.5%
@readep This is the key thing here. Curve is flattening today. So market still sees this as transitory and not a sustained, new dynamic

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More from @TheStalwart

Joe Weisenthal Profile picture
13 May
ELON MUSK JUST HELPED EASE THE SEMICONDUCTOR SHORTAGE

I wrote about how increasingly you can't talk about the chip market without talking about crypto mining.

bloomberg.com/news/articles/…
It's not just Bitcoin and ASICS. You have gamers complaining about being unable to get $NVDA graphics cards. You have the price of hard drives in China rising due to Chia mining and so on. All of it's competing for chip capacity.
Someone put together this fantastic chart showing that if you look at the aftermarket price of $NVDA chips right now, they're perfectly correlated with Ethereum hashpower as opposed to the MSRP imgur.com/a/y0smxik Image
Read 4 tweets
Joe Weisenthal Profile picture
13 May
THE FED IS ALREADY BEING VINDICATED IN ITS NEW APPROACH

In today's @markets newsletter, I argue that all the weird and unpredictable data (CPI, jobs etc.) lately actually show the wisdom of the Fed's new wait-and-see framework

Sub' here bloomberg.com/account/newsle… ImageImage
@markets Here's the @IrvingSwisher column I mentioned in the piece nytimes.com/2021/05/12/opi…
And here's the @M_C_Klein piece in Barron's on how so much of the hot CPI was a result of the reopening barrons.com/articles/dont-…
Read 5 tweets
Joe Weisenthal Profile picture
11 May
🚨🚨 PERSONAL/PROFESSIONAL NEWS:

It's time to get back into blogging.

@tracyalloway and I are launching an Odd Lots blog today, which you can find at Bloomberg.com/OddLots

We're gonna write posts, do written Q&As, transcripts of the episodes. Live events. All of it.
@tracyalloway *And...

For a brief time only, fans of Odd Lots can get a huge discount to the entire Bloomberg site. All the great reporting that our colleagues do on everything that matters right here. So if you were thinking of subbing, do it now: bloomberg.com/oddlotspodcast
And just to be clear, the podcast is going to be free for everyone still on all the platforms. None of that is going to change. Some huge guests coming up.
Read 7 tweets
Joe Weisenthal Profile picture
10 May
The hackers that shut down the gasoline pipeline have apologized. They say they never wanted to cause all this disruption and that they just wanted to make money. They've promised to do better going forward. bloomberg.com/news/articles/…
Please read my latest Medium piece:

What Social Media Companies Can Learn About Moderation From Ransomware Hackers
Sorry Ransomware Hackers: Saying You Want To Avoid Geopolitics IS A Geopolitical Act
Read 5 tweets
Joe Weisenthal Profile picture
10 May
WHAT THE UI TIGHT LABOR MARKET DEBATE REALLY SAYS ABOUT THE ECONOMY

In today's @markets, newsletter, I wrote about how UI aside, so many people just assume the existence of an endless pool of low-paid labor

Get the letter here: bloomberg.com/account/newsle…
@markets There it is. As @alexnpress reported yesterday Chipotle announces it's raising wages. ir.chipotle.com/2021-05-10-Chi… HT: @MylesUdland.
The company says in 3.5 years, an employee can get to a six-figure income level.
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Joe Weisenthal Profile picture
21 Apr
THE TWO BIGGEST CRITICISMS OF DOGECOIN ARE TOTALLY WRONG

In today's @markets newsletter, I wrote about how Dogecoin might have a better monetary policy than Bitcoin, and why its lack of developer community is irrelevant

bloomberg.com/account/newsle… ImageImage
@markets The lack of developers is the most hilarious thing to attack Dogecoin for.

Dude it's a joke coin with a dog mascot! WTF does it need development for?
@markets And the criticism is especially rich coming from Bitcoiners, who usually understand this point very well, that cryptos are money not tech, and therefore the same expectations of the software industry shouldn't apply and that if anything regular innovation and iteration is bad.
Read 4 tweets

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